Norges Bank Takes Position in Marathon Petroleum Corporation $MPC

Key Points

• Norges Bank disclosed a new stake in Marathon Petroleum, buying 2.9 million shares in the fourth quarter worth about $472.3 million, or roughly 0.97% of the company.
• Marathon Petroleum reported strong quarterly results, with EPS of $1.65 versus the $0.74 estimate and revenue of $34.2 billion, both topping analyst expectations.
• The company also announced a quarterly dividend of $1.00 per share, and analysts remain generally upbeat, with a consensus rating of Moderate Buy and an average price target of $268.50.

Norges Bank bought a new position in Marathon Petroleum Corporation (NYSE:MPC - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 2,904,209 shares of the oil and gas company's stock, valued at approximately $472,312,000. Norges Bank owned 0.97% of Marathon Petroleum as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the company. Boston Partners boosted its holdings in Marathon Petroleum by 2.3% in the 3rd quarter. Boston Partners now owns 6,305,428 shares of the oil and gas company's stock worth $1,214,522,000 after buying an additional 141,691 shares during the period. Legal & General Group Plc boosted its holdings in Marathon Petroleum by 2.0% in the 3rd quarter. Legal & General Group Plc now owns 1,861,020 shares of the oil and gas company's stock worth $358,693,000 after buying an additional 35,847 shares during the period. Amundi boosted its holdings in Marathon Petroleum by 11.8% in the 3rd quarter. Amundi now owns 1,626,862 shares of the oil and gas company's stock worth $314,830,000 after buying an additional 172,172 shares during the period. National Pension Service boosted its holdings in Marathon Petroleum by 4.3% in the 4th quarter. National Pension Service now owns 885,426 shares of the oil and gas company's stock worth $143,997,000 after buying an additional 36,158 shares during the period. Finally, Rhumbline Advisers boosted its holdings in Marathon Petroleum by 1.8% in the 3rd quarter. Rhumbline Advisers now owns 669,237 shares of the oil and gas company's stock worth $128,989,000 after buying an additional 11,948 shares during the period. Institutional investors own 76.77% of the company's stock.

Marathon Petroleum Stock Up 4.0%

Shares of NYSE MPC opened at $258.73 on Tuesday. The firm's 50-day moving average price is $240.73 and its 200-day moving average price is $208.19. The company has a current ratio of 1.18, a quick ratio of 0.73 and a debt-to-equity ratio of 1.31. The stock has a market capitalization of $75.53 billion, a price-to-earnings ratio of 16.89, a P/E/G ratio of 0.40 and a beta of 0.52. Marathon Petroleum Corporation has a 12-month low of $155.93 and a 12-month high of $264.14.

Marathon Petroleum (NYSE:MPC - Get Free Report) last announced its earnings results on Tuesday, May 5th. The oil and gas company reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.91. The firm had revenue of $34.20 billion for the quarter, compared to analysts' expectations of $33.42 billion. Marathon Petroleum had a net margin of 3.36% and a return on equity of 16.22%. The business's revenue was up 8.5% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.24) EPS. On average, equities research analysts anticipate that Marathon Petroleum Corporation will post 30.05 EPS for the current fiscal year.

Marathon Petroleum Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Wednesday, May 20th will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Wednesday, May 20th. Marathon Petroleum's dividend payout ratio is currently 26.11%.

Insider Activity

In other news, insider Ricky D. Hessling sold 1,626 shares of the company's stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $228.18, for a total transaction of $371,020.68. Following the sale, the insider directly owned 7,525 shares in the company, valued at approximately $1,717,054.50. This represents a 17.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders have sold 4,473 shares of company stock worth $1,015,428. 0.17% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

MPC has been the subject of several recent analyst reports. Wells Fargo & Company upped their target price on shares of Marathon Petroleum to $335.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. BMO Capital Markets boosted their price target on shares of Marathon Petroleum from $255.00 to $290.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 13th. Morgan Stanley boosted their price target on shares of Marathon Petroleum from $200.00 to $233.00 and gave the stock an "overweight" rating in a research note on Friday, April 24th. Piper Sandler boosted their price target on shares of Marathon Petroleum from $197.00 to $228.00 and gave the stock a "neutral" rating in a research note on Thursday, April 9th. Finally, Mizuho boosted their price target on shares of Marathon Petroleum from $224.00 to $284.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $268.50.

More Marathon Petroleum News

Here are the key news stories impacting Marathon Petroleum this week:

• Positive Sentiment: Zacks named Marathon Petroleum one of its top-ranked growth stocks for June 1, putting MPC on a Zacks Rank #1 (Strong Buy) list. Best Growth Stocks to Buy for June 1st
• Positive Sentiment: Another Zacks feature highlighted MPC as a stock that could beat earnings in its upcoming report, reinforcing expectations for a favorable fundamental setup. Looking for Earnings Beat? Buy These 5 Top-Ranked Stocks
• Positive Sentiment: Analyst commentary also described Wall Street sentiment as optimistic, with Marathon Petroleum’s average brokerage recommendation effectively at Buy. Is Marathon Petroleum (MPC) a Buy as Wall Street Analysts Look Optimistic?
• Positive Sentiment: Energy-sector outlook articles also listed MPC among oil stocks that could benefit from tighter supply and renewed strength in crude markets after Iran-U.S. peace talks collapsed. Oil Stocks Look Poised for Another Leg Higher
• Neutral Sentiment: Several roundup articles mentioned MPC alongside other energy names, but did not introduce any company-specific catalyst beyond broad sector positioning.

Marathon Petroleum Profile

Marathon Petroleum Corporation NYSE: MPC is a U.S.-based downstream energy company engaged principally in the refining, marketing, supply and transportation of petroleum products. The company was formed through a spin-off from Marathon Oil in 2011 and operates an integrated system of refining and logistics assets that support the production and distribution of transportation fuels and other refined petroleum products.

Marathon Petroleum's operations include refining crude oil into gasoline, diesel, jet fuel, asphalt and other specialty products, as well as managing the distribution and storage infrastructure needed to move those products to market.

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